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French REITs Société de la Tour Eiffel, Affine complete merger

Société de la Tour Eiffel completed its merger with Affine and now holds a real estate portfolio worth more than €1.7 billion.

The respective shareholders of the French real estate investment trusts approved the transaction at separate special meetings Dec. 18, completing the conditions precedent to deal close.

Société de la Tour Eiffel will boost its share capital to about €78.3 million from approximately €61.5 million by issuing 3,352,023 new shares that will be listed on Eurolist B of Euronext Paris, with settlement expected Dec. 21.